For many years, Phoenix has enjoyed an extraordinary relationship with the Watermill Group. During that time we have come to genuinely appreciate their ability to grasp complex operating, financial and transactional business dynamics that truly set them apart in the marketplace. Whether serving as the transaction advisor to Watermill or as the investment banker selling a business to Watermill, Phoenix has always recognized that their approach to negotiations was nothing but transparent and honorable. They are one of the class acts of the middle market private equity marketplace and would not hesitate to recommend them in the future. — Jim Fleet, Senior Managing Director and Shareholder, Phoenix Management Services, LLC

Watermill jointly acquired Fine and Superior in September, 2012. Fine Tubes Ltd., located in Plymouth, United Kingdom, is a leading European manufacturer of high-precision metal tubing in stainless steel, nickel, titanium and zirconium alloys. Incorporated in 1943, Fine Tubes’ tubing solutions are designed for use in environments that endure extreme temperatures, pressure, dynamic stress and corrosion, including critical-tolerance applications in the aerospace, medical and energy industries.

Superior Tube Company, located in Collegeville, PA., is a leading North American manufacturer of high-precision, small diameter metal tubing used primarily in highly engineered applications in the nuclear, aerospace, medical and durable goods markets. The company was founded in 1934 to produce high-quality, small diameter steel tubing for the aircraft industry.

Cooper & Turner is a leading manufacturer and distributor of high-strength industrial fasteners including large diameter anchors, studs, bolts, and nuts. These fasteners are often mission-critical and are required to meet the highest quality standards in order to perform in safety-critical and extreme applications.

Headquartered in Sheffield, England, C&T serves a global customer base with strategically positioned manufacturing and distribution operations across the EU, China and the U.S. This global network enables the Company to offer a seamless, global, one-stop shop solution to blue chip customers in wind energy, construction, OEM, rail, and tunneling end markets.

Vertex Distribution is one of the country’s oldest industrial fastener businesses, with a history dating back to the early 1800s when Joseph Jenks developed the first practical methods for machining steel rods into bolts in his Pawtucket, Rhode Island forge shop.

Vertex is currently one of the largest North American master distributors of industrial fasteners. The Company distributes corrosion resistant and ferrous fastener products, such as bolts, screws, nuts and washers, for both the inch dimensions markets and the metric dimensions markets, as well as, a full line of rivets. Vertex sources its fasteners products from high-quality manufacturers in Asia, Europe and North America and sells these products to over 2,000 local distributors throughout the United States, Mexico and Canada.

Latrobe, headquartered in Latrobe, Pennsylvania, is a leading North American producer and distributor of high quality specialty steels and alloys. Latrobe Steel offers a comprehensive line of high strength aerospace related specialty steels and alloys for technical niche applications, as well as high-speed, tool and die steels.Through its two primary business units, Latrobe Manufacturing (“LM”) and Latrobe Distribution (“LD”), the Company produces and distributes over 300 grades of specialty steel for use in aerospace parts, high performance cutting tools, aluminum casting dies, extrusion and thread roll dies and other demanding applications.

Watermill purchased the New Bedford, Massachusetts manufacturing campus from Polaroid under terms which included a one year operating contract to manufacture Polaroid’s iconic instant film. Watermill’s investment thesis was low-risk, high reward: we aimed to take advantage of the year-long runway provided by the Polaroid contract to try to establish stand-alone contract specialty coating opportunities. Ultimately contract volume was not sufficient to sustain long term business in this entrepreneurial endeavor. To date, asset sales have yielded a full return of debt capital plus and 8% return on invested equity. The New Bedford property remains in Watermill’s portfolio with expected total realization of 2x the original equity upon sale.

Now owned by ProBuild Holdings, Moore’s Lumber was a leading mid-Atlantic regional wholesale supplier of high quality building materials to professional builders and contractors.

Moore’s, headquartered in Roanoke, Virginia, was among the top 25 suppliers of lumber and related building material component products in the United States. Moore’s sold its products and services primarily to residential and commercial building professionals and repair and remodeling contractors. At the time of exit, the Company operated 19 distribution centers.

Preferred Compounding Corp. (“Preferred”), located in Barberton, Ohio, develops and produces complex, high-quality precisely manufactured rubber compounds for fabricators of rubber products in the aerospace, appliance, automotive (non-tire), construction, industrial, electrical, water treatment, pharmaceutical and medical industries. Since the Company’s inception in 1973, Preferred has become an established leader in developing and mixing complex-process and high-performance rubber compounds for small-to-medium sized companies.

Preferred Rubber has become a business partner to the leading rubber fabricators in the industry by providing a consistently high level of product quality and service for their compounding needs. By concentrating on custom mixing of rubber compounds, the Company has a special capability to produce high-performance rubber that meets the stringent requirements of its customers. The Company’s strong reputation for superior quality, service and delivery has made Preferred the custom mixer of choice for even the most demanding customers.

Southland Paint Company was a private label architectural coatings and paint company located in Gainesville, TX. Southland specialized in manufacturing interior and exterior home paints and specialty coatings. Sold by Watermill in 1984, Southland Paint was a member of a group later sold to Sherwin-Williams Company in 1990.

Now owned by Delta Environmental Consultants, Inc., InteGreyted was an international services firm based in the U.S. delivering EHS solutions worldwide. The Company was founded in 1998 on a clear understanding of the domestic and global dynamics affecting today’s environmental, health and safety services industry. Utilizing the vast resources of their global network, GlobalNetEHS®, and their data and information management web, IntelligentEHS®, InteGreyted redefined the delivery system for global EHS services.

Quality Metalcraft, Inc (QMC) is a leading producer of engineered structural metal components and assemblies, providing advanced prototype, low-to-medium volume production and factory assist services to automotive and other specialty vehicle industries. As a go-to source for the world’s major manufacturers when quick, quality solutions are needed, QMC offers a range of capabilities, technologies and services to provide the optimal production process for any project.

Experi-Metal, Inc. (EMI) is a leading provider of highly engineered, metal formed prototypes, sub-assemblies, full Body-In-White (BIW) assemblies and certain forms of low-volume production in the automotive, aerospace, defense and alternative energy industries. Since 1959, customers have relied on EMI’s attention to excellence and dedication to continuous improvement. As advances in technology progress, EMI’s standards for quality, performance and safety enable its customers to remain on the leading edge.

A leading manufacturer of high-performance precision rollers, insulation and sealing technologies, Enbi serves best-in-class OEMs in digital printing, ATMs and cash handling systems as well as other industries in which exacting precision and quality are critical to end-product performance. The company serves a worldwide customer base from its headquarters in Shelbyville, Indiana as well as manufacturing facilities in the US, Europe and Asia.